Debt Consolidation Forums Payday Loan help forums

Minnesota Laws Changed 8/1/08 - See Below

member profile picture
Posts: 52
Credits: 1435.3

I contacte the MN AG and found out the following:

For Immediate Release: September 5, 2008
Contact: Bill Walsh (651) 296-7531

Out of state Payday Lenders now subject to Department of Commerce licensing and regulation

(St. Paul, MN) The Minnesota Department of Commerce announced today it is now requiring all payday lenders making small denomination, short-term loans to Minnesota residents via the internet be licensed pursuant to Minnesota law. Licensing is required regardless of whether the lender has a physical presence in Minnesota. Payday lenders will also be required to comply with the limits on loan amounts, fees and charges, and other requirements of state law.

After further review of Minnesota law and statute the Department is now of the opinion that a payday loan made via the internet is made in the state where the borrower resides and the payday lender making such a loan is subject to Minnesota laws and licensure. As a result, all payday lenders making loans to Minnesota residents via the internet must meet the new licensing requirements effective December 1, 2008.

Financial institutions, including state or federally chartered banks or savings associations, industrial loan and thrift companies licensed under Chapter 53, regulated lenders licensed under Chapter 56, or any operating subsidiary of a financial institution, are not subject to the licensing requirements of Section 47.60, the Consumer Small Loan statute.

As an alternative, a payday lender may apply for an industrial loan and thrift company license under Chapter 53 of the Minnesota Statutes; however, the Chapter 53 license requires a physical presence in Minnesota.

Additional information concerning Section 47.60 licensing requirements and applications is available on the Department's web page at under "consumer small loans." Additional information concerning various Minnesota statutes is available at

The Division of Financial Examination of the Minnesota Department of Commerce is responsible for the regulation of state chartered banks and credit unions, mortgage companies, premium finance companies, accelerated mortgage payment companies, motor vehicle finance companies, consumer small loan companies and regulated loan companies, currency exchanges, money transmitters, automatic teller machines, and electronic funds transfer. The Division is also responsible for the licensing and financial regulation of insurance companies operating in Minnesota.

Thank god Minnesota wised up.

you dispute it as an illegal debt.the JDB can't verify,or provide any proof of the debt.dispute it off.then file AG,AND FTC complaints against both whichever lender this was,and enhanced acq.

Sub: #1 posted on Sun, 02/15/2015 - 02:25

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15511 | Credits: 1357.03)

They stopped harassing me. Then sold the account to Enhanced ACQ and now it is on my credit report.

Sub: #2 posted on Sat, 02/14/2015 - 21:00

TaniaB TaniaB

(Posts: 5 | Credits: 1.74)

Both loans are illegal in the state of MN. Do you have the phone number they were calling from?? You need to send them a cease and desist and report then to the MN state AG's office.

Sub: #3 posted on Tue, 04/23/2013 - 08:20

Moderators Cum Industry Expert
(Posts: 17210 | Credits: 4746.28)

I had to close my bank account due to them charging me ridiculous amounts of money, and when I tried contacting them to pay off my debt they never replied back. Now almost a year later they've sold the debt to scavenger collectors, one of them Mariner and Associates. When I asked for a validation letter from them they stated that i would not received one because they were not intending to collect on the debt but that I was being sued. What can I do? Any info will be greatly appreciated.

Sub: #4 posted on Mon, 04/22/2013 - 23:38

TaniaB TaniaB

(Posts: 5 | Credits: 1.74)

You would still owe them the principal...not the interest or fees.

Sub: #5 posted on Wed, 06/01/2011 - 08:37

Moderators Cum Industry Expert
(Posts: 17210 | Credits: 4746.28)

Ok I have a loan with ameriloan are they legal? I have read on here that they are not legal anywhere?? If that is true cause i live in mn I dont own them a penny!!!

Sub: #6 posted on Sun, 01/10/2010 - 09:15


Sub: #7 posted on Sun, 07/05/2009 - 23:55

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.87)

Where do I find the list for licensed lenders?

Sub: #8 posted on Sun, 07/05/2009 - 17:35


I am in MN, and I understood that "Subd 3." as the lender is not licensed, therefore, the contract is void. Honestly, I didn't pay any of my illegal lenders back what I borrowed due to the fact that I had reloaned on all of my loans and made 0 payments before my bank account was closed. I pulled all bank statements and showed them all the money they got from me on illegal loans and that I wasn't paying them any more. I just kept sending the same email whenever they contacted me and actually 3 of them gave me PIF's. 2 haven't said anything to me in 4 months, and the other 2 I just paid off (they were legal).

Morally, you should pay back what you borrowed, and I morally did on previous loans, but that is my opinion. I paid 1 illegal lender $2,000 on a $500 loan. I didn't feel guilty about not paying them another $500. They still made a $1,000 profit off me. And they sent me a PIF.

Sub: #9 posted on Tue, 04/14/2009 - 00:18


"Subd. 3. Unlicensed lenders. If a person has violated this chapter by not obtaining a license when required to make loans subject to this chapter, the loan is void and the debtor is not obligated to pay any amounts owing. The debtor may recover from such persons all amounts paid. No action may be brought under this subdivision more than one year after the date of the last scheduled payment on the loan."

does this mean that if i have a PDL with a company that is not licesensd, I dont have to pay anymore than I already have?

Sub: #10 posted on Tue, 04/14/2009 - 00:05


More information
  • Files must be less than 1.25 GB.
  • Allowed file types: txt pdf jpg jpeg png.
Post as a guest
This question (Case Insensitive) is for testing whether you are a human visitor and to prevent automated spam submissions.
Post as a member

Share post

Page loaded in 1.634 seconds.